No. 1921 approving execution of an addendum to contract for purchase/sale of real estate and other related documents concerning acquisition of property located in the SBCDA

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gpUT$ BF Community & Economic Development�� a� 1865 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 ♦ Phone 574/235 -9371 ♦ Fax 574/235 -9021 To: Redevelopment ommission From: Bob Math�a/Cheryl Greene Subject: Resolution 1921 - A Resolution Approving The Execution Of An Addendum To Contract for Purchase and Sale of Real Estate (Is' Source Parking Lot, 207 - 211 S. Main St. - Tax Key No. 18- 3007 -0227) Date: October 31, 2002 Background: On February 24, 1998, the Redevelopment Commission signed a Contract for Purchase and Sale of Real Estate to acquire real property located at 207 -211 S. Main Street ( "Property"). The Property is owned by 1 st Source Bank and is used as a parking lot by tenants in the 1 st Source office building located across Jefferson Street. The Property is one of five parcels of property being assembled by the Commission in order to facilitate a development project on the combined site. In 1998, the Commission and 1 St Source agreed to a purchase price for the Property of $105,000 based upon the average of two independent appraisals previously prepared for the Commission. As a condition precedent to execution of the sales contract, the Commission agreed "to enhance [Seller's] existing Jefferson Parking Lot, including, but not limited to, the acquisition and conveyance to Seller of additional adjacent property" in order to relocate and replace an equal number of the parking spaces now located on the Property and not impair the 1 st Source office building which relies on this lot for its tenants and customers. It was subsequently determined that the Commission could not meet this condition and, at the same time, manage to accommodate a development project on the combined site of the size and character intended. At best, any design that incorporates a large scale project on the combined site and provides for parking in the remaining available areas would still result in a deficiency of at least five to seven parking spaces less than 1 st Source currently controls. HAWpdata\Main dJeff6.v,pd What We Do Today Makes A Difference!